Its Global IPO Update said a dramatic drop in worldwide public listings had failed to dent overall capital raised thanks to several massive public offerings in the first quarter of 2013.

The US has proved to be the backbone of the IPO market according to E&Y, which said the country’s stock exchanges had accounted for 37 per cent of capital raised in the quarter.

Asia on the other hand has saw dramatic drop in IPO performance, with exchanges raising just $5.1bn from 58 listings, down 38 per cent in capital terms and 40 per cent by deal volume compared to the same period last year